China Exim Bank To Bank Roll Two New Satellites For NICOMSAT

China Exim bank is to provide five hundred and fifty million dollars for the procurement of two new satellites for the Nigeria communications satellite (NICOMSAT).

This follows Nigeria’s inability to meet the fifteen percent counterpart funding earlier agreed with the chinese government.

Speaking with state house correspondents after meeting with president Muhammadu Buhari on Wednesday, minister of Communications Adebajo Shittu explained that the two new satellites will ensure that NICOMSAT conquers the entire Africa continent.

Shittu noted that the project, which will take two years to manufacture, has vast potential market.

He said the five hundred and fifty million is not a loan but an equity participation of the Chinese company.

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